You may have heard the term “legacy planning” and wondered how it differs from traditional estate planning. Though there is no universal definition of the term “legacy planning”, it can be explained in a way that may convince you that you need to create your own legacy plan instead of a traditional estate plan. During the course of your lifetime you have likely worked hard, invested prudently, and saved wisely. The assets you have accumulated as a result will hopefully support you during your … [Read more...] about Traditional Estate Planning vs. Legacy Planning
You have worked hard all your life to create your family legacy. Now it’s time to preserve your legacy through careful estate planning aimed at passing your legacy down to future generations. Your legacy is more than just the assets you have purchased or the money you have invested. Your legacy also includes your values, your beliefs, and your vision. These too can be interwoven into a comprehensive estate plan to ensure that they are part of what you leave behind when you die. An estate plan … [Read more...] about What Steps Can You Take to Preserve Your Legacy?
If you are fortunate enough to have accumulated a valuable estate which you plan to pass down to future generations, it is imperative that you create a comprehensive estate plan to effectuate the transfer of your estate without losing a significant percentage of its value to gift and estate taxes. One estate planning tool that is often utilized to pass down family wealth is a legacy trust. As you may already know, everything owned by you at the time of your death becomes part of your estate. … [Read more...] about Do You Need a Legacy Trust in the Illinois Quad Cities?
Advances in medicine during the last century have led to an increased life expectancy for Americans. While this is great news for all of us, it also means that there is a good chance you will someday need to find a nursing home for an elderly loved one. Given the fact that your loved one will likely spend the rest of his or her life in the nursing home, finding the right one is crucial. If you have never been through the process of locating and approving a nursing home, it may seem a daunting … [Read more...] about Finding the Right Nursing Home for Your Loved One
In the 21st century, blended families are hardly uncommon. A re-marriage often requires the couple to blend children from previous marriages into a new blended family—a task that is usually not easy. If you are working on creating your own blended family, don’t forget to address some of the estate planning changes that typically come along with a blended family. Some estate planning changes that often accompany a re-marriage are obvious, such as changing gifts in a Last Will and Testament; … [Read more...] about Estate Planning Challenges for Blended Families
When it comes to estate planning, no two plans are the same. Although there are common documents used in estate plans and common tactics employed, at the end of the day, estate plans are as unique as the individuals who create them. For this reason, your estate plan should not simply follow a script. In fact, a military approach to estate planning often works best believe it or not. In the military as well as law enforcement, scenario planning is used to plan for, and predict, outcomes. This is … [Read more...] about Scenario Estate Planning—Why It May Work for You
A comprehensive estate plan should take into account more than just what assets you want to give to whom when you die. Among the issues that must be considered when creating an estate plan are the tax consequences of your plan. Failing to factor in the impact taxes can have on your estate plan could have serious negative consequences. In America, just about everything from birth to death is potentially taxable. Although we all know this, people often forget about the potential tax consequences … [Read more...] about The Importance of Tax Planning in Your Estate Plan
What may turn out to be a landmark case is before the Supreme Court of the United States. The case before the Court certainly has the potential to change estate planning for members of the LGBTQ community. Interestingly, the case itself focuses on estate taxes; however, the implications for same-sex couples go much deeper. The Court heard oral arguments recently in a case that stems from the death of a New York taxpayer back in 2009. The taxpayer left her rather large estate to her partner of … [Read more...] about SCOTUS Case May Change the Rules for LGBTQ Community